Singapore Regulatory Update: October 2023

Vadim Krasovskiy Business News, Corporate Compliance, Monthly Newsletter, Taxation

Singapore continues to be at the forefront of innovation and regulation, demonstrating its commitment to fostering international collaboration, combating technological crimes, and strengthening financial integrity. The regulatory developments in October 2023 highlight the progressive measures undertaken by the Singaporean government and relevant authorities.

US and Singapore to Deepen Collaboration on Responsible AI Innovation

In a landmark achievement, Singapore and the United States have successfully made their AI Governance frameworks interoperable, marking a significant step towards global standardization in the field of artificial intelligence. The announcement was made at the inaugural United States-Singapore Dialogue on Critical and Emerging Technologies (“CET Dialogue”), a platform designed to foster collaboration and align approaches in the field of AI. The successful crosswalk of the AI Governance frameworks between the two countries, achieved through a joint mapping exercise, is anticipated to streamline international AI regulations and promote responsible AI innovation globally.

Furthermore, the establishment of a bilateral AI Governance Group between Singapore and the US marks a collaborative effort to advance shared principles and deepen information exchanges for safe, trustworthy, and responsible AI innovation. This strategic move emphasizes the commitment of both nations to uphold ethical standards and promote the responsible deployment of AI technologies. Additionally, the commitment to deepen research and technical collaborations in AI is expected to stimulate further advancements in AI safety, security, and workforce development, fostering a conducive environment for innovation and technological growth.

Singapore Launches Dedicated Task Forces to Fight Tech and Crypto Crimes

In response to the rapid evolution of technology-enabled crimes, the Attorney-General’s Chambers (AGC) in Singapore has established two specialized task forces, reflecting the government’s proactive stance against cyber threats. These task forces have been equipped with the necessary resources and personnel, comprising approximately 20 prosecutors with expertise in handling complex technological crimes. The Technology Crime Task Force, focused on computer and technology-assisted crimes, has been instrumental in leveraging digital evidence to investigate and prosecute cybercriminals, thereby reinforcing Singapore’s resilience in the face of cyber threats.

Additionally, the establishment of the Cryptocurrency Task Force underscores the country’s recognition of the potential risks associated with digital currencies and the need for robust mechanisms to monitor and regulate their use. This dedicated task force works in close collaboration with law enforcement agencies and the Singapore Police Force to track and handle cryptocurrency-related crimes effectively. With an emphasis on training and collaboration, these specialized task forces underscore the critical role of partnerships between public and private sectors in combating cyber threats and enhancing national security.

Singapore Introduces Planned Measures to Strengthen AML Regime

The publication of the National Strategy for Countering the Financing of Terrorism (CFT) underscores Singapore’s unwavering commitment to combat the funding of terrorism and related criminal activities. The comprehensive strategy, developed following a holistic assessment of terrorism financing risks, emphasizes the importance of a coordinated and multi-agency approach to enhance the detection, prevention, and enforcement of Anti-Money Laundering (AML) measures. The strategy’s five-pronged approach encompasses key areas such as coordinated risk identification, robust legal and sanctions frameworks, a targeted supervisory regime, decisive law enforcement actions, and international partnerships and cooperation.

Emphasizing the need for a coordinated effort, the strategy aims to enhance coordination across various sectors, including law enforcement agencies, policymakers, regulators, and the private sector, to effectively address the growing threats of terrorism financing. By leveraging data analytics and technological tools, Singapore intends to strengthen its surveillance and supervisory measures, allowing for a more targeted approach to identify and disrupt illicit financial activities. The commitment to international partnerships and cooperation further reinforces Singapore’s dedication to contributing to global efforts in combating money laundering, terrorism financing, and proliferation financing.

IRAS Releases Comprehensive Guides for Business Owners on Preparing Statements of Accounts

Recognizing the importance of accurate financial reporting, the Inland Revenue Authority of Singapore (IRAS) has taken proactive steps to support business owners in navigating the complexities of preparing statements of accounts. With the launch of comprehensive guides and sample templates, IRAS aims to provide valuable resources that enable self-employed individuals, sole proprietors, and partnerships to effectively manage their financial reporting obligations. These resources offer practical insights and step-by-step instructions to facilitate the preparation of statements of accounts, ensuring compliance with regulatory requirements and facilitating seamless tax filing procedures.

The guidance provided by IRAS emphasizes the significance of maintaining accurate financial records, enabling business owners to make informed decisions and assess their financial performance effectively. By encouraging the adoption of best practices and providing comprehensive support, IRAS aims to foster a culture of financial transparency and accountability among business owners, promoting responsible financial management and compliance with regulatory standards.

Businesses are Advised to Prepare for GST Rate Change

In the wake of the regulatory updates, Singapore companies are urged to brace for the impending Goods and Services Tax (GST) rate change, set to take effect from 1st January 2024, increasing the GST rate from 8% to 9%. The announcement by IRAS of the forthcoming change has prompted businesses to proactively assess the implications on their operations and financial management, ensuring a smooth transition and compliance with regulatory requirements. As the deadline approaches, businesses are advised to undertake comprehensive reviews of their pricing structures, systems, and processes to accommodate the new GST rate effectively and avoid potential disruptions to business operations.


In summary, Singapore’s commitment to fostering responsible AI innovation, combatting technological crimes, strengthening the AML regime, and supporting businesses in navigating regulatory changes underscores its dedication to maintaining a robust and dynamic regulatory environment in the country. Our Singapore company incorporation services offer comprehensive support to businesses looking to establish and expand their operations in this thriving pro-business jurisdiction. For more information, please contact our team.


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